Climate-related opportunities can arise through efforts to mitigate and adapt to climate change, including improving resource efficiency, securing lower-emission energy sources, and producing differentiated oil and gas products for emerging markets. Climate-related opportunities can include efficiencies that result in an increase in revenue and reduced operating and capital costs. Some of the climate-related opportunities that Pioneer has identified are noted below.
Resource Efficiency
Increase revenue through improved methane capture by:
- Upgrading legacy equipment to minimize emissions
- Maximizing vapor recovery and minimizing fugitive emissions
- Reducing flaring
- Utilizing methane detection technologies (aerial and fixed-sensor monitoring)
- Engaging with gas processors to improve schedule visibility and enabling sufficient takeaway capacity
Increase production efficiencies and lower overall energy intensity
- Utilizing technology for remote monitoring and route optimization
- Contracting electric drilling and completions equipment for improved efficiencies and lower emissions
- Electrifying field production activities as feasible
Improve water management flexibility through additional non-freshwater sourcing by:
- Expanding produced and reclaimed water reuse infrastructure
- Evaluating potential opportunities for desalination and water commercialization
- Investing in wastewater treatment facilities and securing long-term affordable reclaimed water supplies
Energy Sourcing
Reduce energy costs and improve reliability by:
- Increasing field electrification through a combination of grid power utilization and renewable energy
- Evaluating compressed natural gas and hydrogen to replace diesel
- Exploring opportunities to deploy in-field battery power storage solutions
- Expanding more than 3,500 miles of power infrastructure owned by Pioneer
Products, Markets and Investments
Improve product pricing by:
- Pursuing opportunities to certify lower-carbon intensity production that could potentially command premium pricing
- Bolstering relevant global markets access by producing responsibly extracted oil and gas
- Continuing to transport product to the Gulf Coast allowing access to the global markets
Resilience & Diversification
Invest in and increase exposure to the energy transition and low-carbon technologies by:
- Working with leading investment firms to gain knowledge and market insight in the renewable and energy transition industries, developing renewable energy projects and pursue investment opportunities that could provide broader diversification opportunities in the energy transition
- Evaluating opportunities to advance energy transition technologies by leveraging our water infrastructure and water supply and disposal systems
- Advancing subsurface technical understanding of carbon capture opportunities and progressing enhanced oil recovery (EOR) pilot programs